Solana Price Prediction: Elliott Wave Insights – Is SOL About to Surge?

In a video update by MoreCryptoOnline, an analysis of Solana's Elliott Wave structure sheds light on potential price scenarios.

A popular crypto YouTuber shares his analysis of Solana's (CRYPTO: SOL) price movements, offering both bullish and bearish scenarios with key support and resistance levels to watch.

What Happened: In a video update, MoreCryptoOnline analyzes Solana's price action through the lens of the Elliott Wave Theory to identify potential price scenarios.

According to the YouTuber's analysis, Solana's price movements suggest the asset is likely in a complex WXY correction within wave two. MoreCryptoOnline highlights that Solana's price support zone, ranging from $119 to $134, has held so far.

This pattern indicates the possibility of an upward price movement if Solana maintains this support. The bullish count is framed around a larger degree wave four bottoming in August, followed by a wave one rally into the early August highs.

MoreCryptoOnline also highlights that while Solana's price has remained above its support levels, the lack of impulsive movement from the September low suggests the correction may still be ongoing.

Investors are advised to keep an eye on whether Solana's price can break out into a third-wave rally once the WXY structure concludes. The market remains uncertain until a clear impulsive move emerges from the current range.

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Bearish Scenario: The Blue Count skepticism

The bearish scenario, labeled as the blue count, presents a more cautious outlook. In this count, Solana's price would need to break below the $119 support level for a downward move to be confirmed.

The analyst discusses the formation of a diagonal pattern within wave three, which would indicate a further decline. However, diagonal patterns are known to lack follow-through, leading to skepticism about the reliability of this scenario.

For this bearish outlook to fully unfold, a break below the lower boundary of the trend channel would be necessary. Until then, the market is seen as moving within a range, with no definitive direction yet determined.

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Solana Price Today: Solana was trading down 0.26% at $131.28 at the time of writing on Friday morning.

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